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Executive Summary Capital structure decisions are vital for firms. Existing theories on capital structure partially explain the difference in capital structure decisions of identical firms. Researchers have integrated psychology with finance in recent years to explain the difference in capital structure decisions better. To help practitioners and academicians understand the role of psychology in capital structure decisions, this article focuses on CEO overconfidence and its influence on equity versus debt financing, short-term versus long-term debt financing, and level of debt financing concerning tax shields. Indian CEOs are unique in their leadership style, values and beliefs. Overconfidence among CEOs of S&P BSE 200 firms is measured using the press coverage of CEOs, and this proxy depicts how the press portrays CEOs. An extensive search on CEOs in relevant search engines helped measure overconfidence among CEOs. The results from regression models document that overconfident CEOs prefer debt over equity and short-term debt over long-term debt. In addition, overconfident CEOs are found to not avail the full benefits of tax shield and follow a conservative debt policy. The presence of bias of overconfidence among CEOs distorts optimal decision-making and deviates capital structure decisions from trade-off theory and pecking order theory of capital structure. The evidence on external versus internal financing helps explain the biased preference of overconfident CEOs for debt and short-term financing. The biased beliefs lead CEOs to form high expectations of cash flows. Overconfidence among CEOs is found to significantly influence capital structure decisions. The robustness of the results corroborates existing findings and documents the influence of behavioural biases on corporate decision-making.

This work proposes a hybrid model that combines the Galam model of opinion dynamics with the Bass diffusion model used in technology adoption on Barabasi–Albert complex networks. The main idea is to advance a version of the Bass model that can suitably describe an opinion formation context while introducing irreversible transitions from group B (opponents) to group A (supporters). Moreover, we extend the model to take into account the presence of a charismatic competitor, which fosters conversion back to the old technology. The approach is different from the introduction of a mean field due to the interactions driven by the network structure. Additionally, we introduce the Kolmogorov–Sinai entropy to quantify the system’s unpredictability and information loss over time. The results show an increase in the regularity of the trajectories as the preferential attachment parameter increases.

This paper examines how a deeper understanding of procedural justice and interactional justice can enhance the effectiveness of causal mapping workshops using Group Explorer® software combined with the Decision Explorer® tool. A dual facilitation model is outlined that explicitly links the determinates of procedural justice and the key elements of interactional justice to the stages of causal mapping workshops. This model serves to illustrate how the participants’ voice in group workshops using causal mapping is strengthened, producing an authentic outcome that more accurately represents participants’ thinking. Enabling the determinants in the model supports the dimensions of procedural and interactional justice, ensuring these more authentic outcomes. A link between these determinants, dimensions and the workshop process is confirmed through qualitative and quantitative analysis. The qualitative analysis draws on causal maps created with relevant concepts/ statements, highlighted to illustrate this more authentic voice. The quantitative work analyses responses to a post-workshop questionnaire using scale reduction techniques and looks for significant relationships between participants’ voice and the determinants of procedural justice, interactional justice and the causal mapping approach adopted.

In Italy, the elections occur often, indeed almost every year the citizens are involved in a democratic choice for deciding leaders of different administrative entities. Sometimes the citizens are called to vote for filling more than one office in more than one administrative body. This phenomenon has occurred 35 times after 1948; it creates the peculiar condition of having the same sample of people expressing decisions on political bases at the same time. Therefore, the Italian contemporaneous ballots constitute the occasion to measure coherence and chaos in the way of expressing political opinion. In this paper, we address all the Italian elections that occurred between 1948 and 2018. We collect the number of votes per party at each administrative level and we treat each election as a manifestation of a complex system. Then, we use the Shannon entropy and the Gini Index to study the degree of disorder manifested during different types of elections at the municipality level. A particular focus is devoted to the contemporaneous elections. Such cases implicate different disorder dynamics in the contemporaneous ballots, when different administrative level are involved. Furthermore, some features that characterize different entropic regimes have emerged.

Executive Summary The economic backdrop of most nations remains dominated by family businesses. Family control is common in publicly traded Indian companies. Such controlling families often hold large shareholdings and for the most part have representation at the top management level as well as on the board. Consequently, an overarching question that emerges is whether and how family ownership, management, and governance affect corporate performance. This article attempts to discern the relationship between family involvement in business (FIB) and financial performance (FP) of companies included in the S&P BSE 500 Index during the period 2006–2010. In addition, an attempt has been made to examine the difference in accounting and market measures of FP for family companies (FCs) vis-à-vis non-family companies (NFCs). A two-way fixed-effects panel model was used to examine the FIB–FP relationship with fixed effects being dummy variables for each year of the sample and dummy variables for each two-digit National Industrial Classification (NIC) code. Finally, to test for the ‘reverse causation’ between FIB and FP, the instrumental-variable—two-stage least-squares (IV-2SLS) regression was applied. The results confirm that FCs are a predominant form over a number of industries in a large sample, S&P BSE 500 Index. In addition, founding families are often involved in the actual management of the companies. Controlling for company-specific, industry affiliation, and corporate governance variables, the cross-sectional longitudinal analyses show that FIB is associated with superior FP. Furthermore, FP is higher for FCs vis-à-vis NFCs. Based on the market performance measure, FC appear to be better performers with higher outside board representations. On further analysis of the profile of independent directors, it was observed that they had a diverse background and expertise. The impact of firm size and unaffiliated blockholdings on FP was found to be significantly negative. Finally, the estimates from the IV-2SLS were found to be consistent with the preliminary results that FIB is associated with better FP. This article joins the evolving concurrence on the diversity and heterogeneity of family businesses by differentiating between family-owned, family-managed, and family-governed companies. It distinguishes itself from previous studies on the subject, as it uses different typologies based on the extent of FIB as well as presents multiple theoretical perspectives rather than a mono-theoretical view to empirical findings in the present study. Keeping this distinction in perspective is imperative for family business researchers, practitioners, and policymakers.

Background: Approximately 71% of antibiotics in England are prescribed in general practice settings. Whilst there are various impactful training resources available to support clinicians in antimicrobial stewardship (AMS) activities, implementation, reach, and uptake affect how successful they are nationally. This case study explores the feasibility, acceptability, and usefulness of embedding the TARGET (Treat Antibiotics Responsibly, Guidance, Education and Tools) AMS training into a local incentive scheme. Method: Black Country Integrated Care Board (ICB) invited a representative from all associated general practises to a TARGET AMS training event; attendance was linked to a local incentive scheme. Data were collected via a pre- and post-workshop survey capturing TARGET toolkit knowledge, AMS attitudes and behaviours, training feedback, and intention to implement AMS behaviours. Descriptive analyses were conducted. Results: 157 and 101 attendees completed the pre- and post-session surveys, respectively. In total, 89% agreed that attending the session was a good use of their time. The proportions of attendees stating an intention to use the TARGET toolkit and implement a range of AMS strategies following the session were high (TARGET Toolkit: >82%, AMS strategies: >90%). Most attendees planned to implement these actions within 3 months (47%) or within 3–6 months (30%). Conclusion: Results suggest that embedding the training into a local incentive scheme is a viable implementation approach in extending training reach. Although the impact on prescribing rates is not yet available, the high engagement and intention to implement AMS strategies observed should inspire confidence in this approach to training implementation.

In high-dimensional portfolio selection, traditional asset allocation techniques often yield suboptimal results out-of-sample, while equally weighted portfolios have shown better performances in such scenarios. To leverage the advantages of diversification while addressing the curse of dimensionality, we turn to clustering techniques. Specifically, we explore the application of k -means clustering for time series, which offers a clear financial interpretation as the prototype of each cluster represents an equally weighted portfolio of the assets within the cluster. In this paper, we conduct a comprehensive comparison of various time series clustering techniques in the context of portfolio performance. By evaluating the out-of-sample performance of portfolios constructed using different clustering approaches, we aim to identify the most effective method for investment purposes.

In high-dimensional portfolio selection, traditional asset allocation techniques often yield suboptimal results out-of-sample, while equally weighted portfolios have shown better performances in such scenarios. To leverage the advantages of diversification while addressing the curse of dimensionality, we turn to clustering techniques. Specifically, we explore the application of k -means clustering for time series, which offers a clear financial interpretation as the prototype of each cluster represents an equally weighted portfolio of the assets within the cluster. In this paper, we conduct a comprehensive comparison of various time series clustering techniques in the context of portfolio performance. By evaluating the out-of-sample performance of portfolios constructed using different clustering approaches, we aim to identify the most effective method for investment purposes.

Modern theories attach much attention to interest rate-related problems. We discuss the impacts of the interest rate liberalization, in China, for ten commercial banks of three markedly different ownership types. The methodology is based on revisited interest rate sensitivity analysis, duration analysis and value-at-risk analysis. The situation is examined within both vertical (composition of operating income and interest rate sensitivity gap for the ten banks in the same year) and horizontal (one bank over a 7-year period) aspects. Thereafter, we discuss the present management of interest rate risks by such banks. We conclude with several suggestions on how such commercial banks risk management can be refocused and on how their cases can be used for comforting other banking cases.

AIM OF THE STUDY: To assess the knowledge and attitude on birth preparedness among primigravida mothers attending gynae OPD at selected hospital Patiala Punjab.\" BACKGROUND Of THE STUDY: In developing countries, one out of six women in the age group of 15-45 years dies due to maternal disorders. Globally, of an estimated 515,000 maternal deaths in 1995 only 206(0.4%) reported from developed region. DESIGN: Non - Experimental descriptive research design is used in this study. METHODOLOGY: A quantitative approach with descriptive research design was used for this study. The sample consisted of 100 primigravida women who are attending Gynae OPD in selected Hospital of Patiala, Punjab. The sample was chosen by using non-probability purposive sampling technique. The data was collected by using structured knowledge questionnaire and rating scale. Data was analyzed by using descriptive and inferential statistics. RESULTS: The mean knowledge score regarding birth preparedness was 24.90 and mean attitude score regarding birth preparedness was 6.80. Correlation of knowledge and attitude score regarding birth preparedness was found to have moderate positive correlation (r = 0.526) as calculated by Karl Pearson's coefficient of correlation which is statistically significant (p<0.01). CONCLUSION: It is concluded that more than half number of primigravida mother had good knowledge and one - third of primigravida mother had average knowledge regarding birth preparedness. That maximum number of primigravida mother strongly agrees with birth preparedness and minimum number of primigravida mother disagrees regarding birth preparedness. RECOMMENDATIONS: A study can be carried out to evaluate the efficiency of various teaching strategies like self-instructional module, pamphlets, leaflets, and computer assisted instruction on birth preparedness.